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Strong house prices force professor to walk

Strong house prices force professor to walk

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University of Western Sydney associate professor of economics Steve Keen will walk more than 200km to the top of Australia's highest mountain after losing a bet that house prices would dive by 40 per cent.

In November 2008, Mr keen made a bet with Macquarie Group strategist Rory Robertson that house prices would dive by 40 per cent, however property prices have only dropped a mere 5.5 per cent since the beginning of the global financial crisis.

Under the terms of the bet, Mr Keen will now walk 224km from Parliament House in Canberra to the summit of Mt Kosciuszko.

But despite losing the bet, Mr keen continues to stand by his original forecast.

“The bet is only lost for now,” he told the Daily Telegraph.

“A temporary doubling of the first home buyer grant stabilised home prices.”

“My forecast could still come true by 2025.”

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